Matt Gaetz explained that he was inspired by the results of legislative reforms by the government of El Salvador and the positive results that the country's authorities achieved after recognizing Bitcoin as an official means of payment.
Matt Gaetz's bill proposes to amend the US Internal Revenue Code of 1986 and require the Treasury Department to develop a plan to approve a flagship digital currency as a means of paying taxes and duties. The provisions of the bill provide for the introduction of rules for the “conversion of any amount of bitcoin received into the dollar equivalent at the time of receipt of payment.”
“If approved by Congress, the new law will modernize the tax system. It will allow conscientious taxpayers to use Bitcoin to pay their federal taxes, while allowing the government to promote innovation, improve the efficiency of the financial system, and offer greater flexibility to American citizens. “This is a bold step towards a future where digital currencies will play a vital role in ensuring that the United States leads the vanguard of technological progress,” the congressman who presented the project proclaimed to his colleagues.
Colorado authorities implemented the ability to pay taxes and government duties in cryptocurrency three years ago. Then the initiator of the reforms was the state governor Jared Polis.
